GuocoLand lowers conversion price of convertibles due 2012 to S$5.284

By Melissa Kory

Cleveland, Nov. 3 - GuocoLand Ltd. said it will lower the conversion price of its S$7.2 million tranche 1 convertible bonds due 2012 and S$345 million tranche 2 convertible bonds due 2012 to S$5.284 from S$5.507, effective Dec. 6.

The adjustment will be made upon the completion of the proposed rights issue of 295,843,319 ordinary shares in the company at an issue price of S$1.80 per rights share, one rights share for every three existing ordinary shares. The rights shares are expected to be issued Dec. 6.

GuocoLand is a developer in the private residential property market in Singapore.

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